312 West 78th Street

This townhouse’s unique challenge:

This handsome, bow-front, five-story Riverside Park block townhouse had great potential but was saddled with stabilized and SRO tenancies. After this townhouse stagnated under several different brokers, the owners ultimately hired Vandenberg.

Our team’s innovative solution:

The new sales strategy involved a mint renovation and expansion of the south garden owner’s triplex. When complete, the owner’s triplex had as much square footage as some single-family townhouses, while still enjoying rental income from the top two floors. As some potential buyers were intimidated by taking on stabilized units, Vandenberg rented the triplex with an option to buy. The renter loved living there and soon exercised this option. Vandenberg closed the sale for $4.75 million, a great price for a Riverside block townhouse with four regulated tenancies.